Ensemble Capital Management, an investment management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy declined by 5.68% compared to the S&P 500’s 3.27% decline. The underperformance of the fund was driven by large declines in two holdings that have recently elected activist shareholders to their boards. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management highlighted stocks like Masimo Corporation (NASDAQ:MASI) in the third quarter 2023 investor letter. Headquartered in Irvine, California, Masimo Corporation (NASDAQ:MASI) is a medical technology company. On October 31, 2023, Masimo Corporation (NASDAQ:MASI) stock closed at $81.13 per share. One-month return of Masimo Corporation (NASDAQ:MASI) was -1.96%, and its shares lost 36.02% of their value over the last 52 weeks. Masimo Corporation (NASDAQ:MASI) has a market capitalization of $4.285 billion.
Ensemble Capital Management made the following comment about Masimo Corporation (NASDAQ:MASI) in its Q3 2023 investor letter:
“Masimo Corporation (NASDAQ:MASI) (-46.72%): In July, Masimo lowered their growth outlook for 2023. Most importantly, they said that their health care business would see revenue that was approximately flat vs the prior year compared to previously expected 8%-9% growth. This reduction in guidance came even as the company has been successful in signing up record levels of new customers. However, US hospitals are seeing fewer than expected patients this year and thus have shifted to using Masimo products they already have in inventory rather than needing to buy more. But over time, there is no reason to believe that patient visits to hospitals will do anything other than go up.”
A medical professional in a hospital room with modern medical devices in the background.
Masimo Corporation (NASDAQ:MASI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Masimo Corporation (NASDAQ:MASI) at the end of second quarter which was 35 in the previous quarter.
We previously discussed Masimo Corporation (NASDAQ:MASI) in another article and shared the list of billionaire Ray Dalio’s best stock picks. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
